Luxury Condo Prices Breaking Records in Miami Beach

by Isaac Benmergui, Esq on February 6, 2013

Profit upShoppers for luxury condos in Miami Beach are plunking down plenty of green for their oceanside, skyhigh new homes; so much so that closing prices are breaking sales records. Condos in South Beach and the South of Fifth neighborhood have sold for $27 million, possibly $39 million for a deal currently in the works.

For the current deal, it’s the most expensive condo listed in any luxury market ever, at a whopping $39 million. The Penthouse 2 at the Continuum at South Pointe consists of three floors and 11,000 square feet in the 42-story tower on the southern tip of Miami Beach.

The $27 million deal was a penthouse at the Setai Resort at 2001 Collins Avenue which set the record for the highest price ever for a South Florida condominium. That records may not stand for long. Global buyers paying in cash are driving prices to all-time highs.

“The luxury market is on fire in South Beach — especially the South of Fifth neighborhood,” said Dora Puig, principal of PuigWerner Real Estate Services. “It’s moving Miami to totally different pricing points.”

These palaces in the sky are typically paid for in cash. On the Continuum property, even with a 20 percent down payment of $7.8 million, the buyer would have to find financing for the other $31.2 million. That might be a hard sell to a bank to assume that high a liability on a private residence.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

 

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